I doubt that.
If it were true, nobody would be able to hold their breath for more than ten seconds.
Holding your breath retains the oxygen already present in your lungs. Breathing in pure nitrogen replaces that oxygen.
That said, it still sounds too quick...
Nitrogen Asphyxiation is FAST. So fast that most people who are exposed are unable to help themselves or even leave the environment. 10 seconds maybe, 30 seconds more likely.
There is still significant oxygen in the air you would normally exhale. This method would take that quickly to zero percent O2.
For comparison:
http://www.normalbreathing.com/patterns-oxygen-extraction.php
Composition of outer or inhaled air:
O2 - Oxygen 158 mm Hg (20.9%)
CO2 - Carbon dioxide 0.3 mm Hg (0.04%)
H2O - Water 5.7 mm Hg (0.75%)
N2 - Nitrogen 596 mm Hg (78.4%)
Composition of the expired air:
O2 - Oxygen 116 mm Hg (15.3%)
CO2 - Carbon dioxide 32 mm Hg (4.2%)
H2O - Water 47 mm Hg (6.2%)
N2 - Nitrogen 565 mm Hg (74.3%)
Just add a little Nitrous Oxide gas to the mix....and they die laughing.